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According to Kazakhstan’s Digital Development Minister Bagdat Mussin, the country is in talks for investments in its cryptocurrency mining sector worth 300 billion tenges ($ 714 million).
In early June, another Kazakh minister, while arguing against the cryptocurrency ban during a parliamentary discussion, said the country could get more than $ 700 million in investment for its cryptocurrency mining farms over the next three years.
While addressing a government meeting, Mussin said the country has set up thirteen cryptocurrency mining farms and was working on four more to attract additional investment, Reuters reported on Sept. 2.
Testifying their progress, Mussin said the already established mining centers had attracted a total investment of 80 billion tenges ($ 190 million). He also pointed out that they have completed preliminary deals to raise another $ 714 million to support cryptocurrency mining in the nation.
As Cointelegraph reported, Kazakhstan had established cryptocurrency tax regulations in 2019 in an effort to support cryptocurrency-related activities. Tax law made earnings through cryptocurrency mining tax free as long as the coins were not converted into fiat money.
The law also pointed out that Kazakh cryptocurrency mining companies were subject to similar fees to data centers if they used their hardware to provide cryptocurrency mining services to others.
However, local laws only allow mining of asset-backed cryptocurrencies, while prohibiting that of unsecured cryptocurrencies such as Bitcoin (BTC).
